With regard to various economic systems,most economists agree that
A)command economies have been very successful in distributing income in socially just ways.
B)government intervention in the economy is only justified in time of war.
C)the mix of market and command principles that exists in Canada is the best.
D)the optimal mix of market and command systems remains constant over time.
E)most production and consumption decisions are more efficiently coordinated by markets than through central planning.

Question

Quizplus · Accepted Answer

Most economists believe that markets are more efficient than central planning in coordinating production and consumption decisions. While different economic systems may have various pros and cons, the market system is generally considered to be the most efficient in allocating resources and maximizing economic welfare. Command economies, on the other hand, have been associated with inefficiencies, lack of incentives, and poor distribution of income. Therefore, E is the best choice.

With Regard to Various Economic Systems,most Economists Agree That